Stake, a Dubai-based fintech and real estate investment platform, has announced that it has become the first in the industry to be awarded a shariah certification.
Also known as a Fatwa, the certification was granted by the Shariah Executive Committee of Guidance Financial Group, a entity specialising in the fields of shariah-compliant investments and financing as well as advisory services.
The committee acted on behalf of the Shariah Supervisory Board of Guidance, which comprises six of the most prominent international Islamic scholars and chaired by Justice (Ret.) Muhammad Taqi Usmani.
Members of the Guidance Shariah Supervisory Board include Shaykh Nizam Yaquby, Dr Mohamed A. Elgari and Dr Mohd Daud Bakar, who also sit on the independent Shariah boards of major financial institutions in the GCC, the UK and the US.
Supported by the guidance advisory team, the Stake Shariah certification process was led by Dr Bakar, who provided the Fatwa to the Dubai fintech group after reviewing the structure, mechanism and relevant key legal documentations in relation to the digital real estate investment platform.
Stake was created to provide retail investors from all over the world access to fractional real estate investments in a transparent and easy way, receiving shariah certification opens the platform up to a significant pool of investors.
“We are delighted to have achieved this stamp of approval from the esteemed Shariah Supervisory Board of Guidance Financial Group,” stated Rami Tabbara, the co-founder of Stake. “We were originally convinced that the Stake platform already was aligned with the basic principles of Shariah.
Today, this has been officially validated by some of the leading Islamic scholars of the world,” he added.—Zawya News
